SEATTLE, WASHINGTON--(Marketwired - March 20, 2014) - MicroPlanet Technology Corp. ("MicroPlanet" or the "Corporation") (TSX VENTURE:MP)(PINKSHEETS:MCTYF) a provider of smart grid and power quality technology and products, which significant increases efficiency, quality and conservation of electricity and enables the integration of up to 95%+ penetration of alternative energy into electrical grids' low voltage networks is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement. The Corporation issued 5,558,200 Units at a price of $0.02 per Unit for gross proceeds of CDN$111,164. Each Unit was comprised of one common share in the capital of the Corporation and one common share purchase warrant. Each warrant entitles the holder to acquire one common share in the capital of the Corporation at any time until the date that is 36 months following the closing date upon payment of the exercise price of $0.02 per common share.
The Units were sold pursuant to applicable registration and prospectus exemptions to qualified investors in the United States. The common shares and any common shares acquired pursuant to the exercise of the warrants comprising the Units are subject to a four-month hold period in accordance with applicable securities laws.
Over the past three months MicroPlanet has successfully delivered products totaling approximately $186,000 in revenue to three of the leading utilities and the largest pole mounted transformer manufacturer in Australia, United Energy Ltd. ("United"), Essential Energy ("Essential"), SA Power Networks ("SA Power") and Tyree Industries Pty Ltd Australia ("Tyree"), respectively. The MicroPlanet shipments to United, Essential and Tyree represented new product lines being acquired for in field testing that the Corporation believes will lead to significant follow on orders. SA Powers received MicroPlanet products that enable enhanced communication functionality.
Over this same three-month period, the Corporation's operating subsidiary, MicroPlanet, Inc., has initiated comprehensive measures to preserve operating capital. These measures have included an across the board payroll deferment and significant layoff of personnel. Management is confident that key personnel that have been laid off can be re-employed as its operating capital positioned is strengthened. In the interim, management continues to support and expand its relationships with existing and prospective customers, within and beyond Australia.
About MicroPlanet Technology Corp.
MicroPlanet Technology Corp. is a smart grid, energy conservation company, whose technology dynamically and steplessly regulates voltage with unrivaled speed and accuracy using its patented and advanced power electronics. MicroPlanet's technology solutions have been deployed in seven countries by more than 20 utilities, the U.S military and multiple commercial customers to manage voltage on networks, save energy, improve power quality and grid efficiency and to facilitate the integration of renewable energy sources, including solar and wind. MicroPlanet is based in Seattle, WA and is listed on the TSXV and trades on the OTC under the stock symbol: MP and MCTYF, respectively. www.microplanet.com
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